Indian rosewood trees are scientifically referred to as Dalbergia latifolia. It is a tropical hardwood that is high in demand because of its exceptional durability, beauty, and versatility. The grain patterns of this hardwood are rich and have a vibrant reddish-brown color. Thus, this hardwood is extensively suitable for making furniture, musical instruments, paneling, and ornamental items. The species grows slowly and is often overexploited for the timber. Large plantations have been done in India and Java to meet the growing demand for Indian Rosewood.
In the global rosewood market, India has been a major player. Many rosewood trees grow in the Southern and Central regions of India. Demand for tropical hardwood has witnessed a steep increase in the last two decades in the Indian market as well. Such high demands arise with the growth of the furniture and interior designing industry, rise in disposable income, and increase in the middle-class population.
Market trend for rosewood
Easy to use
It is easier for artisans to crave Indian rosewood and give it an aesthetic appeal. Because of such ease, these woods are increasingly used for making custom-made furniture and decorative items. The Burma Wood is recently being used in the production of premium quality musical instruments like piano and guitar.
Sustainable sources
With the rising awareness about sustainable environmental practices and conservation, there has been a remarkable shift in the sourcing of Indian rosewood. The Indian Government along with the industrial stakeholders are working to formulate safe harvesting methods. The Government has also implemented strict regulations to prevent illegal logging and save natural forests.
Exports and international demand for rosewood
Indian rosewood is an important export commodity. It has significant demand in countries like China, the United States, the Middle East, and the European nations. Indian rosewood furniture and decorative materials are so popular in the global market that they form the major portion of the timber export sector. And the percentage is increasing over the years.
Analyzing the price
The Indian rosewood tree price fluctuates a lot. Such change in price happens due to various factors like Government regulations, demand and supply, and global economic conditions.
Government regulations
Indian Government has put down stringent regulations on the harvest and export of timbers. It is a move to protect natural resources and stop illegal logging. It is expected that the supply of Indian rosewood will thus decrease in the market resulting in higher prices.
Imbalances in demand and supply
In the last few decades, demand for Indian rosewood has remained far more than its supply which is another reason behind the rise in price. It is primarily because the trees take much longer to mature enough for harvesting.
Global economic factors
When the International market is stable or growing, demands for luxury items including Rosewood Wood and decorative pieces increase which may further hike their prices. The price decrease when the demand for such goods is less in global markets.
The Indian rosewood market is evolving. If the Government and the industries will focus on responsible sourcing and use sustainable practices the future of Indian Rosewood seems promising.b